Here's a super-quick guide to what traders are talking about right now

Thomson Reuters
Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what is going on in markets on Friday.

In brief:

US equity futures are lower even after a number of companies reported earnings that were better than analysts expected. Microsoft shares rose to an all-time high on Thursday after the company's results. And, McDonald's posted sales that were better than expected on Friday, thanks to all-day breakfast.

It's expiry day, the final trading day before stock options expire. Traders enter the short-term contracts that give them the option, but not the obligation, to buy or sell the security at a predetermined price.

The Japanese yen is rallying after an earthquake rocked a city 430 miles west of Tokyo. Nintendo shares slumped 7% after the company teased its new Switch console.

Here's Lutz:

Good Morning, and Happy Expiry Friday! US Futures are in the red, with the Spoos off 30bp despite Great Earnings headers (MSFT) and M&A (BATS LN for RAI). Mixed bag in Europe, with the Stoxx off small as Energy Stocks are Lagging, and Autos weaker on Daimler #s. That said, the DAX is up 20bp as Tech is performing well on SAP #s. Despite Intercontinental Hotels weighing on the FTSE, London is up 40bp as the Banks rally. Volumes are decent, with the Periphery in Europe trading heavy. Mixed to negative overnight in Asia - Nikkei off 40bp as Nintendo was whacked for 7% - Shanghai climbed 20bp, with gains tempered by Housing data coming in hot - Aussie lost 20bp, with Sentiment weighed by Healthscope #s, while Hong Kong was closed on approaching Typhoon Haima.

The 10YY is back over 200dma as seller re-emerge in Bunds, helping the German 10YY stay upside of 0% in the overnight. The DXY just off highs as the Euro hits a 7-month low as Draghi cools "Taper Talk" and Sterling roams just off 31year lows. The Yen is Rallying after a 6.6 quake hit Japan. Despite the Stronger $, Copper is rebounding small from a 8-session losing streak - but all the other metals in the red with Gold back under the 200dma. The Oil complex is higher on headers of Islamic State Kirkuk attacks and Russia committing to the OPEC Output Freeze - While Natty gas is getting whacked for another 2% early. Sorts are all marginally higher.

Quiet day of Catalysts ahead of us today, we get EU Consumer Confidence at 10am, just before 10:15 when Fed's Tarullo (Voter, Dovish) speaks in New York. It goes quiet until 1pm when we get the Baker Hughes Rig Count. At 2:30 Fed's Williams (Non-Voter) Speaks in San Francisco, just before the 3:30 release of the CFTC "Commitment of Traders" data.